WINNIPEG, (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished stronger on Friday, bouncing back from previous lows following the World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA).
The WASDE reported projected ending stocks— including Malaysian palm oil, European rapeseed, and canola—to be the lowest level in 40 years. That was supportive for canola prices.
Canola values were also supported by a relatively weaker Canadian dollar, which was around 75.6 U.S. cents at midday. The dollar has dropped by about a tenth of a cent over the past week.
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On Friday, 20,680 contracts were traded, which compares with Thursday when 13,784 contracts changed hands. Spreading accounted for 13,040 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Friday. Though experts were anticipating soybean production to be revised slightly downward in the World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA), others expected production numbers to be bearish, in line with previous forecasted trends.
In the end, soybean production estimates were unchanged in the November report, at 46.9 bushels per acre for a total of 3.55 billion bushels. World soybean carryout was higher than what analysts anticipated, which also weighed on soybean values. Estimated carryout was up by 2.2 million tonnes from last month’s projection, at 95.42 million tonnes. Total production for soybeans remained at 3.55 billion bushels.
A private export sale for 270,000 tonnes of soybeans was announced this morning, purchased by an unknown destination.
CORN futures were stronger today, following revised corn yield estimates. The expected yield was lowered from 168.4 bushels per acre to 167 bushels per acre, which was in line with trade expectations. Challenging growing conditions in the Corn Belt were to blame for the reduced estimates, but the USDA still expects harvested corn acres to total 81.8 million.
Total corn production is expected to be 13.661 billion bushels, down from the 13.779 billion bushels predicted earlier.
WHEAT futures were lower on Friday, despite lowered harvested acres reported in the WASDE. Harvested acres were cut by nearly one million following a re-survey, mainly due to the large amounts of snow that fell in Montana and North Dakota in October. Wheat production estimates were lowered to 1.920 billion bushels, from 1.962 billion bushels. Carryout for wheat was decreased as well, from 1.043 billion bushels last month to 1.014 billion bushels this month.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up nine cents at US$57.24 per barrel.
In the afternoon, the Canadian dollar was trading around US75.63 cents, down from 75.90 centsthe previous trading day. The U.S. dollar was C$1.3223.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 19 456.80s +2.10 +0.46%
Canola Jan 20 463.30s +2.10 +0.46%
Canola Mar 20 472.90s +2.40 +0.51%
Canola May 20 481.20s +2.00 +0.42%
Canola Jul 20 488.40s +1.80 +0.37%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybean Nov 19 919-4s -5-4 -0.59%
Soybean Jan 20 931-0s -5-4 -0.59%
Soybean Mar 20 944-0s -4-6 -0.50%
Soybean May 20 955-4s -4-6 -0.49%
Soybean Jul 20 966-0s -4-6 -0.49%
Soybean Meal Dec 19 304.9s -0.7 -0.23%
Soybean Meal Jan 20 307.0s -0.8 -0.26%
Soybean Meal Mar 20 309.8s -1.2 -0.39%
Soybean Oil Dec 19 31.50s +0.07 +0.22%
Soybean Oil Jan 20 31.71s +0.06 +0.19%
Soybean Oil Mar 20 31.98s +0.07 +0.22%
Corn Dec 19 377-2s +2-0 +0.53%
Corn Mar 20 386-4s +2-6 +0.72%
Corn May 20 393-4s +2-4 +0.64%
Corn Jul 20 399-6s +2-0 +0.50%
Corn Sep 20 396-2s +1-4 +0.38%
Oats Dec 19 304-2s -1-0 -0.33%
Oats Mar 20 299-6s unch unch
Oats May 20 300-0s +0-4 +0.17%
Oats Jul 20 297-4s +0-2 +0.08%
Oats Sep 20 288-2s +0-2 +0.09%
Wheat Dec 19 510-2s -2-2 -0.44%
Wheat Mar 20 514-2s -3-0 -0.58%
Wheat May 20 519-6s -2-4 -0.48%
Wheat Jul 20 524-0s -2-4 -0.47%
Wheat Sep 20 531-4s -1-6 -0.33%
Minneapolis
Spring Wheat Dec 19 518-4s -0-2 -0.05%
Spring Wheat Mar 20 535-0s -0-2 -0.05%
Spring Wheat May 20 545-2s -0-4 -0.09%
Spring Wheat Jul 20 554-4s unch unch
Spring Wheat Sep 20 562-4s -0-2 -0.04%
Kansas City
Hard Red Wheat Dec 19 421-4s -3-2 -0.77%
Hard Red Wheat Mar 20 430-4s -3-0 -0.69%
Hard Red Wheat May 20 438-2s -2-4 -0.57%
Hard Red Wheat Jul 20 445-4s -2-2 -0.50%
Hard Red Wheat Sep 20 454-0s -2-2 -0.49%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 19 119.250s +0.250 +0.21%
Live Cattle Feb 20 125.025s +0.175 +0.14%
Live Cattle Apr 20 126.100s +0.250 +0.20%
Feeder Cattle Nov 19 147.000s +0.225 +0.15%
Feeder Cattle Jan 20 145.875s +0.100 +0.07%
Feeder Cattle Mar 20 145.500s unch unch
Lean Hogs Dec 19 64.125s -0.175 -0.27%
Lean Hogs Feb 20 73.900s +0.125 +0.17%
Lean Hogs Apr 20 80.325s +0.175 +0.22%
